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Tel. 780-429-6775
Fax. 780-424-0004
100, 10585 - 111 Street
Edmonton, Alberta  T5H 3E8

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Major Trend

Underlying price trend prevailing in a market despite temporary declines or rallies.


The illegal practice of buying or selling security for the purpose of creating a false or misleading appearance of active trading or for the purpose of raising or depressing the price to induce purchase or sale by others.


The amount paid by a client when he uses credit to buy a security, the balance being loaned by his broker against acceptable collateral.

Market Maker

A trader employed by a securities firm who authorized and required by applicable self-regulatory organizations (SROs) to maintain reasonable liquidity in securities markets by making firm bids or offers for one or more designated securities. For equities, market makers are called 'specialists" on the ME and "Registered Traders" on the TSE.

Market Order

An order placed to buy or sell a security immediately at the best current price.

Market Out Clause

A clause in an underwriting agreement allowing the underwriter to rescind the underwriting agreement without penalty for certain specified reasons, such as an unexpected change in securities markets or in the affairs of the company whose securities are being underwritten,

Market Price

The last price at which a security sold


Easily bought or sold.


The date on which a loan or a bond or debenture comes due and is to be paid off.

Medium-Term Bond

A bond or debenture maturing over 3 and within 10 years.

Member Firm

A stock brokerage firm or investment dealer which is a member of a stock exchange or the Investment Dealers Association of Canada.

Minority Interest

1. The equity of the shareholders who do not hold controlling interest in a controlled company; 2. In Consolidated Financial Statements (I) the item in the balance sheet of the parent company representing that portion of the assets of a consolidated subsidiary considered as accruing to the shares of the subsidiary not owned by the parent; and (ii) the item deducted in the earnings statement of the parent and representing that portion of the subsidiary's earnings considered as accruing to the subsidiary's shares not owned by the parent.

Monetary Policy

A policy followed by the federal government through the Bank of Canada for controlling credit and the money supply in the economy.

Money Market

That part of the capital market in which short-term financial obligations are bought and sold. These include treasury bills and other federal government securities maturing in three years or less and commercial paper, bankers' acceptances, trust company guaranteed investment certificates and other instruments with a year or less left to maturity. Longer term securities, when their term shortens to the limits mentioned, are traded in the money market.


A contract specifying that certain property is pledged as security for a loan.

Mortgage Backed Securities

Similar to bonds, the current $5,000 units with five-year terms are backed by a share in a pool of home mortgages insured under the National Housing Act. Units pay interest and a part of principal each month and, if home owners pre-pay their mortgages, may pay out additional amounts of principal before normal maturity. They trade in the bond market at prices reflecting current interest rates.


A colloquial term for the price-earnings ratio of a company's common shares.

Mutual Fund

See Investment Fund.

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